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February Budget and Economic Forecast

2/28/2022 9:53:33 AM

Minnesota's budget and economic outlook remains positive. A forecast improvement of $1.507 billion for the current biennium leads to a revised projected general fund surplus of $9.253 billion for FY 2022-23. A higher income, consumer spending, and corporate profit forecast results in an improved revenue projection while spending is slightly lower in E-12 education and Health and Human Services. The revenue and spending forecast changes are mostly one-time and the structural balance in the FY 2024-25 planning estimates remains positive and largely unchanged from November. Uncertainty due to inflation and geopolitical conflict pose risk to the budget and economic outlook.

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